05:40 PM EDT, 10/30/2025 (MT Newswires) -- Baytex Energy ( BTE ) rose 2.2% in after-hours New York trading after the oil and gas company reported an 83% year-over-year drop in its third-quarter profit, driven by steep declines in commodity prices and widened operating costs.

Net income for the three-months ended Sept. 30 was $31.96 million, or $0.04 per share, down from $185.21 million, or $0.23, a year earlier.

The company's petroleum and natural gas sales fell 8% year over year to $927.65 million from $1.07 billion a year earlier, topping the $$745.5 million consensus estimate compiled by FactSet.

"Our heavy oil business continues to generate reliable returns and, through targeted land acquisitions, we are expanding our long-term inventory.," said chief executive Eric Greager. "In the Pembina Duvernay, a strategic property swap further consolidates our position, setting the stage for full-scale development. These results reinforce our focus on disciplined capital allocation and demonstrate the quality and value creation potential of our asset base."

In the third quarter, the company averaged production of 150,950 barrels of oil equivalent per day (boe/d), a 1% increase in production per share compared to the third quarter of 2024.

In its 2025 outlook, the company said it anticipated full-year production of approximately 148,000 boe/d with exploration and development expenditures of approximately $1.2 billion. Its board has declared a quarterly cash dividend of $0.0225 per share, payable Jan. 2, 2026, to shareholders of record on Dec. 15, 2025.

Baytex shares were last seen down $0.05 to $2.32 in after-hours trading, after closing $0.08 lower to $3.17 on the Toronto Stock Exchange.